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Business

June 5, 2017

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Sindh likely to unveil Rs1 trillion deficit budget today

Sindh likely to unveil Rs1 trillion deficit budget today

KARACHI: Sindh Chief Minister Syed Murad Ali Shah, who also holds the portfolio of the finance minister, is likely to present a deficit budget of Rs1 trillion for the fiscal year 2017-18 in the Sindh Assembly on Monday (today).

In the provincial assembly session which is reported to convene at 3pm, the Sindh cabinet would start off with according approval to budgetary estimates for the upcoming financial year and revised budget for the outgoing fiscal 2016-17.

It is expected that the Sindh government would face a shortfall ranging between Rs12 billion to Rs16 billion in meeting its overall expenses in the upcoming financial year.

The provincial budgetary estimates for non-development expenses are expected to be Rs665 billion, while the overall development budget will be around Rs346 billion.

As per its provincial share under the National Finance Commission award, the government is probably to get Rs627 billion from the federal government, whereas it is likely to collect Rs200 billion under provincial taxes.

A sum of over Rs42 billion, collected with foreign assistance, will be reserved for ongoing development projects of the province.

In the upcoming financial year, the Sindh government is to spend an amount of around Rs320 million on projects to be developed in the province with the Centre’s assistance.

The district Annual Development Programme (ADP) is likely to stand at Rs30 billion, with an upward revision of Rs.05 billion than the previous financial year.

The provincial ADP would be around Rs245 billion, with an increase of around Rs 45 billion compared to the passing year. The budget is also expected to include new expenditures worth around Rs20 billion.

The government is also likely to announce around 46,000 government job vacancies. This would include 14,000 vacancies to regularise the services of lady health workers and 10,000 new jobs in the police force.

The ongoing Karachi development package in the next financial year is likely to contain 14 new projects.

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